Macroeconomic Forecast Azerbaijan

Latest data released by the State Statistical Committee of Azerbaijan show that the volume of exports in the first nine months of 2011 fell by 6.4% compared to the same period a year earlier, measuring AZN17.8bn. This ties in with the broader theme of declining oil and gas output from Azerbaijan and an underperformance of this vital sector of the economy. Indeed, non-oil export volumes continued to climb during this period, growing 10.4% compared to the same period in 2010. We are currently forecasting a trade surplus equivalent to 26.8% of GDP in 2011.

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